Ideas on Whether to Sell or Donate Junk Vehicles
The condition of your car is the biggest part that is considered in the options for junked cars. If you car is running, has an intact frame, or if the body has few cosmetic dings or dents you should sell or trade it. You may not enjoy the tax write off you were expecting to get when you give out your car as donation to charity. When you sell or trade your car, you will enjoy a higher pay off if it is running properly.
IRS will not only check the market value of your car, they will also consider what the charity will use it for when you choose to write off your tax by donating your car. The total write off will not be known until the charity send you a document at tax time. The fate of your old car is determined by many factors because even your vehicle model counts a lot. If your car is expensive, you will make more money after resale or trade in values. But you will only achieve that if your car is running properly. You should look at this site if you do not know how worthy is your vehicle.
Minor repairs on your car will be needed if it is involved in a minor accident, but if a major accident happens on it, you will need to look for more advanced repairs. However, if the major repairs that your car needs are worth more than it’s worth, the vehicle is considered totaled. Choices that you will have when your car is considered as totaled are few. Your losses will not be recouped when you choose to sell or trade in your car because the odds will be lowered. If your car needs major repairs even the charities might reject the car as a donation.
Even insurance companies follow some rules even if they have their requirements for repairs after a car accident. The best chances of getting some cash back in a case like that is by junking or selling your car for cash. You should sell the car as junker yourself if your car model has a higher market value. Other people who are looking for car parts to repair their cars might buy your car. The most expensive cars do not offer higher payouts when it comes to the junkyard. They do not make higher payouts because the parts of the car are not demanded highly. You should shop around to find out how much is being paid out for your parts by junkyard if you have an expensive car.
Reference: wikipedia reference